S&P lowers Quebecor World preferreds

Standard & Poor's said it lowered its preferred stock rating on Quebecor World Inc. to D from C.

The other ratings on the company, including the B- long-term corporate credit rating, remain unchanged, the agency said.

While the preferred stock rating has been removed from CreditWatch, the other ratings remain on CreditWatch with negative implications, where they were initially placed Aug. 9, S&P noted.

The downgrade follows Quebecor World's nonpayment of declared dividends on its series 3 and series 5 preferred shares, which were due Dec. 1, 2007, the agency said, noting that the company did not make the dividend payments because it might not satisfy the capital adequacy test under the Canada Business Corporations Act.

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